Rs 1.36 lakh crore of FY21, FY22 GST compensation still pending









About Rs 1.36 lakh crore of compensation due to states under Goods and Services Tax (GST) regime is yet to be released to states and Union Territories for FY21 and FY22, government data showed. Of this, over Rs 81,000 crore GST compensation is due to states for 2020-21, while Rs 55,345 crore is outstanding for April-May, Minister of State for Finance Pankaj Chaudhary said in a written reply to a question in Lok Sabha Monday.

Chaudhary said GST compensation of Rs 91,000 crore has been released to all states/UTs to partly meet the compensation payable for last fiscal year as the amount in GST compensation fund was not adequate to meet the full requirement. “The economic impact of the pandemic has led to higher compensation requirements due to lower GST collection and at the same time lower collection of GST compensation cess,” he added.

The amount due to major states for 2020-21 include Maharashtra (Rs 15,138 crore), Karnataka (Rs 7,202 crore), UP (Rs 7,109 crore), Gujarat (Rs 6,583 crore), Tamil Nadu (Rs 6,155 crore), Delhi (Rs 5,190 crore), West Bengal (Rs 3,911 crore) and Punjab (Rs 3,752 crore)



Join Our Telegram Channel for more updates:https://t.me/praveengst



Comments

Post a Comment

Popular posts from this blog

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud...
Read more

Seven key things to know before filing income tax return (ITR) for FY21

Image
  The last date to file income tax return for the financial year 2020-21 has been extended to September 30, 2021. Although there is more than two months left for the deadline to end, it is always recommended to complete the task as soon as possible and not to wait for the last minute. Worth mentioning here is that the income tax department last month launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. The I-T department will soon launch a mobile application, having all the features of the new portal. This year taxpayers have to take care of the following changes in the ITR filing process. 1) A new utility named JSON has been launched for filing tax return forms for FY21. At present, only three forms, ITR 1, 2 and 4 have been released. These new forms will import pre-fill data such as personal details, salary income, dividend income, interest income, capital gains and all the information available in Form 26AS. 2) Taxpayers will have the ...
Read more

Income Tax Dept detects ₹350 cr unaccounted cash receipts after raid in Rajkot

Image
  The Income Tax Department carried out a search and seizure operation on a real estate group based in Gujarat's Rajkot and found unaccounted cash receipts in various projects of approximately ₹350 crore, the Finance Ministry said on Friday. The group is among Gujarat’s prominent real estate builders and developers and is actively engaged in real estate, construction and land trading businesses in and around Rajkot. More than 40 premises were covered in the search operation. During the course of operation, many incriminating documents and digital evidences were seized indicating involvement of the group in unaccounted transactions. The IT sleuths found substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash. Evidence of on-money payments in real estate projects-flats, shops and land deals has also been found. Total unaccounted cash receipts in various projects of approximately ₹350 crore...
Read more